The Mayor’s proposed carrots in the form of deferred impact and reduced affordable housing fees has caught the attention of the developer community as Tishman Speyer estimates the cuts could shave two years off the start date for 201 Folsom (for which they currently have three years to start).
Also noted, Bosa Development is “scrambling to obtain financing for a July construction start for the next 170 units of [Radiance Phase II].” And there’s the rub. Regardless of developer optimism, it all comes down to the financial markets opening back up (which are being driven more by fundamentals than exuberance these days).
∙ Carrot, Stick, And Cell Legislation In The Works For San Francisco [SocketSite]
∙ Fee break targets housing [San Francisco Business Times]
∙ 201 Folsom: Three More Years To Contemplate And Start Construction [SocketSite]
∙ Radiance At Mission Bay Phase II Update: Officially “Suspended” [SocketSite]